Abuja, Nigeria – Nigeria’s domestic debt rose to N77.81 trillion as of September 2025, reflecting the Federal Government’s continued reliance on the local debt market, according to the latest data published by the Debt Management Office.
Okay News reports that the figure highlights the dominance of federal bonds in the country’s domestic debt profile and underscores the government’s strategy of blending long-term and short-term borrowing instruments. FGN Bonds account for the largest share, standing at N61.9 trillion and representing about 80 percent of total domestic debt. Within this category, FGN Naira Bonds account for N60.64 trillion, while US dollar-denominated bonds account for N1.35 trillion.
Nigerian Treasury Bills amount to N12.68 trillion, representing 16.3 percent of total domestic debt. Sukuk bonds are valued at N1.29 trillion, while FGN Savings Bonds stand at N97.46 billion, representing 0.13 percent of the portfolio. FGN Green Bonds account for N62.36 billion, or 0.08 percent. Promissory Notes total N1.69 trillion, comprising 2.17 percent of outstanding instruments, with N431.22 billion naira-denominated and N1.25 trillion foreign currency-denominated.
The composition reflects the Federal Government’s borrowing strategy. Long-term instruments such as FGN Bonds provide stable funding over extended maturities, while treasury bills help manage short-term liquidity requirements. FGN Savings Bonds target retail investors and small savers, offering accessible entry points into government securities. FGN Green Bonds are earmarked for environmentally sustainable projects, while Sukuk bonds are structured to comply with non-interest financing principles and often fund infrastructure. Promissory Notes are typically issued to settle verified legacy obligations, including contractor arrears.
The DMO released the Q3 2025 data shortly after Nairametrics questioned the delay in disclosure. Prior to the release, the agency had not published Nigeria’s domestic debt figures as of September 2025. The data provides clarity on the country’s borrowing position and offers analysts, investors, and policymakers updated insight into the structure and scale of Federal Government borrowing within the local market. The figures show that conventional bonds and treasury bills remain dominant, while specialised instruments still account for a relatively small share of domestic debt.
